EUR/CHF on a Tear - The Swiss Are Going Crazy
January 30, 2009
The Swiss are going crazy because they can’t figure out what to do with their currency. Yesterday, EUR/CHF collapsed after SNB President Roth ruled out intervention. This morning, the currency pair completely reversed its earlier losses because the Finance Minister said that the government would support the SNB in selling Swiss Francs. Thankfully it only happened AFTER EUR/CHF hit my target of 1.4825.
It certainly smells like there are some political disputes over in Switzerland, which is never good for a currency. Either way, USD/CHF is in the buy zone and there is a lot of support around the 1.1375 to 1.1420 level. We could see a move up to 1.18.
source: eSignal
Posted in Forex Technicals, Swiss Franc, eurchf, forex blog, swiss national bank
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January 31st, 2009 at 11:32 am
Currency as in money as in digits on a monitor. Hmmm, seems odd now since the reality of money has morphed into something quiet alien to our past. How this financial freak show will end is beyond me but it will end. Think I will buy two more cases of tuna today. If it smells like tuna and taste like tuna then its chicken, never trust and can of tuna. Great blog, proabaly get kicked, oh well, such is life in todays world